Most Expensive
Least Expensive
______________________________________________________________ Payday Loan $ , Payments Cost Disclosure
Cost of this loan: Borrowed amount (cash advance) $
$
Fees paid to $
Payment amounts (payments due every
Payments #1-#$
(Final) Payment # $
Total of payments (if I pay on time) $
Cost of other types of loans:
Repayment: Of 10 people who get a new multi-payment payday loan:
7 will pay the loan on time as scheduled (typically 5 months) 1 will renew 1 to 4 times before paying off the loan 2 will renew 5 or more times or will never pay off the loan.
This data is from 2014 reports to the OCCC.
APR Term of loan
%
If I pay off the loan in:
I will have to pay interest and fees of approximately:
I will have to pay a total of approximately:
2 Weeks $ $ 1 Month $ $ 2 Months $ 3 Months $ $
Before getting this loan, ask yourself: • Do I need to borrow this money?• Can I pay back the loan in full when it is due?• Can I pay my bills and repay this loan?• Can I afford late charges if I miss a payment?• Do I have other credit options?
OCCC notice: • This company is regulated by the Texas Office
of Consumer Credit Commissioner (OCCC).
• Visit occc.texas.gov for more information.• This disclosure is provided under Texas Finance
Code Section 393.223.
Average APR
Average fees & interest per $100
borrowed over 1 month
Credit Cards
Secured Loans
Signature Loans
Pawn Loans
Auto Title Loans
16% 30% 89% 180% 229% 410%
Payday Loans
$1.32 $3.51 $12.52 $15.00 $18.85 $33.72
)$
$
Interest paid to lender (interest rate: %)
(cost of credit as a yearly rate)
• OCCC Consumer Helpline: (800) 538-1579,[email protected].
$
